There’s been a lot written in the FT and elsewhere about the Trans-Pacific Partnership, or TPP. Here are five reasons you should care about this trade pact:
1. This is a big deal.
If, or when, it is finalised the 12-country Pacific Rim deal will cover countries responsible for almost 40 per cent of global GDP and involved in more than a third of global trade.
This chart is taken from a June 2013 report by the US Congressional Research Service. Some $18tn in goods is traded around the world each year these days. The countries in the TPP (The current “TPP 12”: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam) accounted for 36 per cent of that total in 2011.
♦ Serbia plans to borrow billions from the United Arab Emirates – the country’s deputy prime minister warned that it could face bankruptcy without urgent steps to cut public sector wages.
♦ The Washington Post breaks down the effect of the US government shut down on individual departments.
♦ Ezra Klein at the Washington Post argues that “the American political system is being torn apart by deep structural changes that don’t look likely to reverse themselves anytime soon” and a “deal to reopen the government won’t fix what ails American politics.”
♦ Slate reports on how the Egyptian army is stepping up its efforts to shut down the illicit trade tunnels between Sinai and Gaza. Its campaign in north Sinai is affecting both civilians and militants.
♦ Bashar al-Assad’s regime is waging a PR campaign, spreading stories of rebels engaging in “sex jihad” and massacring Christians, according to Der Spiegel.
♦ British artist Banksy’s latest work, which focuses on Syria, has Syria-watchers bemused, the New York Times reports.
♦ The latest book from Paul Collier, co-director of the Centre for the Study of African Economies at Oxford University, examines the impact of migration and the benefits of it to migrants, host communities and those left behind. Read more
By Gideon Rachman
Watching the US budget crisis unfold, I was reminded of a famous passage in The Great Gatsby. “They were careless people, Tom and Daisy,” wrote F Scott Fitzgerald, “they smashed up things, and creatures and then retreated back into their money or their vast carelessness or whatever it was that kept them together.”